[Millions of Litecoins shock the world’s largest exchange—a big market is coming? 】
Whale Alert, a well-known blockchain tracking platform, recently detected a large transfer of Litecoin (LTC) to the Binance exchange. The transfer involved 200,000 LTC worth approximately $12,765,026. As soon as the news came out, it immediately aroused heated discussion in the cryptocurrency community.
The transfer comes amid an unexpected rise in the price of Litecoin, sparking market speculation. Some believe this could signal a major market move for Litecoin; others fear a massive sell-off. Since reaching local highs of $109 per coin in April this year, Litecoin’s price has fallen to approximately $63.33, a drop of 84.2% from its all-time high of $412.96 in May 2021.
Litecoin prices rose as much as 3.24% to $64 in the past 24 hours, but have since slipped by nearly 1%. According to Santiment’s report, Litecoin has not been very popular on social media recently. At this time, 45,020 wallets holding 0.1 to 1 LTC were liquidated massively. Santiment comments that small investors are exiting the market. The analysis team believes that when this happens, it usually indicates that the price may be about to reverse, and Litecoin may resume its bullish trend.
